What will the Real Estate Market Look Like in the Winter of 2020?
The National Association of Realtors Chief Economist, Lawrence Yun, predicts that residential real estate will continue to sell well in the winter months. Typically, Chattanooga home sales slow down during the winter. Yun says that mortgage applications for home purchasing is up 30% compared from a year ago. Some home buying activity was delayed by Covid19, and buyers re-entered the market this summer and fall. Yun says that there is "extraordinary demand" for homes right now. That will continue for a while as there is less inventory than there is demand. Chattanooga home builders are building homes as quickly as they can with a backlog of pre-sold homes that they are building right now.
Mortgage rates are near record lows and should stay there for a while. That factor has also made many people rush to the Chattanooga real estate market to buy a home with low mortgage rates.
As people can work anywhere right now, home buyers across the nation are looking for more reasonably priced housing markets that still offer an attractive lifestyle. Chattanooga real estate has been fueled in part by people wanting to move from a more expensive real estate markets to Chattanooga.
All in all, the Chattanooga real estate market should continue to be strong and competitive this winter. If you are thinking about selling your home, don't be scared that winter is starting as the market should still be really good.
Call Nathan Walldorf, 423-544-7700, for any real estate help.